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Dec 29, 2017 10:43 EEST
December 29 (SeeNews) - Serbia's economy ministry said Turkish textile company Ormo opened a yarn production factory in Lebane, in southern Serbia.
The factory, with a footprint of 12,700 square metres, is operated by Ormo's Serbian subsidiary LebanTeks and currently has 130 employees, the economy ministry said in a statement on Thursday.
Ormo invested 500,000 euro ($598,000) to open the factory and plans to invest additional 500,000 euro next year, Serbia's president Aleksandar Vucic said during the official opening of the facility, according to a video file posted on the website of Serbian news agency Tanjug.
The Turkish company plans to increase the number of employees at the factory to 650 in the next two years, as it plans to build a production unit of 13,000 square metres, Vucic said.
Ormo currently produces 45 tonnes of yarns monthly at its factories in Turkey and plans to concentrate one-quarter of its output in Serbia, the owner of the company, Besim Minkara, said in the video file.
In March, Serbia's trade minister Rasim Ljajic said the government plans to promote a model that involves the reconstruction of old and abandoned halls where interested investors could install machinery and immediately start production. The model is being applied for industrial halls in the towns of Lebane, Lazarevac, Kraljevo, Nis and Leskovac, Ljajic said back then.
The factory of Ormo occupies the premises of insolvent state-owned company Eksportekst. The government invested 200 million dinars ($2 million/1.7 million euro) in the overhaul of the facilities, the economy ministry said.
($ = 0.8363 euro)
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